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John
Tuesday, 24 November 2009
Lack of funding for govt mortgage scheme 'causing problems'
A lack of funding for the MyChoice HomeBuy mortgage scheme is causing difficulties for first-time buyers (FTBs), it has been claimed.
According to Helen Adams, managing director at property website First Rung Now, a shortage of funding for the initiative is a "huge problem" for such people.
She said: "One of the few opportunities for FTBs is the HomeBuy schemes. They are really reliant on them as a way forward."
Currently, FTBs are struggling to get together the large deposits required by lenders to secure mortgages, she stated.
The MyChoice HomeBuy intitivate is a low-cost homeownership initiative that enables applicants to choose and buy a home on the open market with the assistance of a flexible equity loan.
Recently, huge demand for the scheme saw some councils facing a shortage of funds.
However, the Department for Communities and Local Government released a statement making it clear that it intended to inject further cash into the programme.
According to Helen Adams, managing director at property website First Rung Now, a shortage of funding for the initiative is a "huge problem" for such people.
She said: "One of the few opportunities for FTBs is the HomeBuy schemes. They are really reliant on them as a way forward."
Currently, FTBs are struggling to get together the large deposits required by lenders to secure mortgages, she stated.
The MyChoice HomeBuy intitivate is a low-cost homeownership initiative that enables applicants to choose and buy a home on the open market with the assistance of a flexible equity loan.
Recently, huge demand for the scheme saw some councils facing a shortage of funds.
However, the Department for Communities and Local Government released a statement making it clear that it intended to inject further cash into the programme.
Monday, 16 November 2009
Only one household approved for mortgage support scheme
Since the Mortgage Rescue Scheme launched in January, only one household has been approved for help, it has been revealed.
According to official figures, while 452 households applied for assistance through the scheme, only one was successful.
Responding to the statistics, Bernard Clarke, spokesperson for the Council of Mortgage Lenders, said that the initiative was still in its "very early days".
He added that many homeowners would benefit from the scheme even if their applications were not approved.
Mr Clarke stated: "One of the benefits of the scheme is that it encourages people to make contact with their lenders and that means that, in a number of cases, other ways of helping the borrower in difficulty may come to light."
The Mortgage Rescue Scheme was launched on January 16th with the aim of helping 6,000 households over the next two years.
It is designed to prevent some vulnerable families losing their homes and experiencing repossession.
According to official figures, while 452 households applied for assistance through the scheme, only one was successful.
Responding to the statistics, Bernard Clarke, spokesperson for the Council of Mortgage Lenders, said that the initiative was still in its "very early days".
He added that many homeowners would benefit from the scheme even if their applications were not approved.
Mr Clarke stated: "One of the benefits of the scheme is that it encourages people to make contact with their lenders and that means that, in a number of cases, other ways of helping the borrower in difficulty may come to light."
The Mortgage Rescue Scheme was launched on January 16th with the aim of helping 6,000 households over the next two years.
It is designed to prevent some vulnerable families losing their homes and experiencing repossession.
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